BoE’s Broadbent waves off concerns over speed of asset purchases

Date: Friday 20 Jan 2012

The Bank of England’s (BoE) Michael Broadbent has indicated today that the UK economy’s degree of spare capacity is growing, while at the same time apparently waving off some of his peers’ concerns as regards the speed of the Bank’s asset repurchase programme, Market News International (MNI) reports.

Thus, said Mr. Broadbent,"It is clear that the economy is broadly flat and therefore growing less than its potential rate and that therefore - somehow measured and broadly speaking - the degree of spare capacity is probably growing."

As regards the latter of those two points the policy maker added that, “As far as I am concerned, I voted in October, and indeed have voted every month, about the stock of purchases (…) It is irrelevant to me how quickly you may buy them. I could have voted for any stock at any point."

AB

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